Tom Colicchio Restaurants: What is a NFT Restaurant?

Tom Colicchio Restaurants

Crafted Hospitality, which comprises Tom Colicchio’s Craft, Temple Court, and Vallata restaurants in New York City, Small Batch Los Angeles’ Craft Los Angeles, and Heritage Steak and Craftsteak in Las Vegas, is owned by Tom Colicchio.

What does NFT mean?

A non-fungible token is referred to as NFT. There are some similarities to cryptocurrencies like Bitcoin and Ethereum in terms of programming, but that’s about it.

A currency is “fungible” when it may be traded or swapped with another currency.

NFTs are a record on the blockchain, the fast-developing web of decentralized digital ledgers where cryptocurrencies transactions are recorded.

It is possible to issue nearly anything with a digital receipt that is unique to a single record in the system.

Buyers have started picking up non-fungible (NFT) tokens of everything from unique NBA basketball dunk clips to goofy representations of bored monkeys in recent months as a new means to identify ownership in the digital world.

Simply stated, an NFT represents the exclusive ownership of something in the virtual world, such as an avatar image for use on Twitter.

What is an NFT Restaurant?

NFT Restaurants are the Restaurants that give its customers who are holders of NFTs an exclusive ownership of something in the virtual world of what they provide.

Many restaurateurs and chefs, such as Tom Colicchio, believe that NFTs can be put to more purposes than just being a collectible.

“The world’s first NFT restaurant,” Flyfish Club, was launched by David Rodolitz (co-founder of the Empellón Group in New York City), Gary Vaynerchuk (digital media tycoon and early evangelist for NFT), and Josh Capon (of Lure Fishbar) late last year.

Flyfish Club NFT holders have “unlimited access to a private dining area that will encompass 10,000+ square feet in an iconic, New York City location,” according to the company’s news statement.

An omakase room, a cocktail lounge, and an outdoor area are all part of the plans. There are no monthly or annual fees for NFT holders, but they still have to pay for any food or beverage tabs.

It’s still up in the air whether or not the Flyfish Club owners will be able to obtain a physical location for their exclusive virtual and in-person events for NFT holders in 2019.